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There doesn't seem to be any built in way, but I have a tool - DocTo that converts word documents to other formats.
If you have Word 2010 or later installed, you can use the following commandline with the docto tool to convert all files in a folder on your disk, then once converted upload them to onedrive.
"docto.exe" -f "c:\mydocs\" -o ...

After some investigation and no other answers, the answer seems to be the latest version of Word .docx.
I opened an old file and saved it as .docx and it opened on Word Online without conversion.
For those of you interested in the code. If you are converting files you need to use the new SaveAs2 function on the document in VBA for the compatibility ...